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SEGMENTS
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS 
Centerspace operates in a single reportable segment which includes the ownership, management, development, redevelopment, and acquisition of apartment communities. Each of the operating properties is considered a separate operating segment because each property earns revenues, incurs expenses, and has discrete financial information.
The chief executive officer and chief financial officer are the chief operating decision-makers (“CODM”). The CODMs evaluate each property’s operating results, using net operating income (“NOI”) to make decisions about resources to be allocated and to assess property performance, and do not group the properties based on geography, size, or type for this purpose. The Company defines NOI as total real estate revenues less property operating expenses, including real estate taxes. Centerspace believes that NOI is an important measure of operating performance for real estate because it provides a measure of operations that excludes gain (loss) on the sale of real estate and other assets, impairment, depreciation, amortization, financing, including interest income and interest expense, property management expenses, loss on litigation settlement, casualty losses, and general and administrative expense.
The apartment communities have similar long-term economic characteristics and similar operating characteristics, such as type and length of lease, services offered to residents, and property management practices. No apartment community comprises more than 10% of consolidated revenues, profits, or assets. Accordingly, the apartment communities are aggregated into a single reportable segment, Multifamily. “All other” is composed of non-multifamily properties, non-multifamily components of mixed-use properties and apartment communities the Company has disposed or designated as held for sale, which did not meet the aggregation criteria.
The following tables present NOI for the three months ended March 31, 2025 and 2024, respectively, along with reconciliations to net income (loss) as reported in the Condensed Consolidated Financial Statements. Segment assets are also reconciled to total assets as reported in the Condensed Consolidated Financial Statements.
 (in thousands)
Three Months Ended March 31, 2025MultifamilyAll OtherTotal
Revenue$66,244 $849 $67,093 
Property operating expenses
On-site compensation(1)
6,872 — 6,872 
Repairs and maintenance(2)
3,142 47 3,189 
Utilities4,810 47 4,857 
Administrative and marketing1,557 2 1,559 
Insurance2,570 21 2,591 
Real estate taxes7,440 223 7,663 
Net operating income $39,853 $509 $40,362 
Property management expense(2,433)
Casualty loss
(532)
Depreciation and amortization(27,654)
General and administrative expenses(4,997)
Interest expense(9,635)
Interest and other income708 
Net loss
$(4,181)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
 (in thousands)
Three Months Ended March 31, 2024MultifamilyAll OtherTotal
Revenue$63,339 $1,167 $64,506 
Property operating expenses
On-site compensation(1)
6,711 85 6,796 
Repairs and maintenance(2)
3,262 118 3,380 
Utilities4,161 98 4,259 
Administrative and marketing1,617 14 1,631 
Insurance2,657 41 2,698 
Real estate taxes6,152 153 6,305 
Net operating income$38,779 $658 $39,437 
Property management expense(2,330)
Casualty loss
(820)
Depreciation and amortization(27,012)
General and administrative expenses(4,623)
Loss on sale of real estate and other investments
(577)
Interest expense(9,207)
Interest and other income
340 
Net loss
$(4,792)
(1)On-site compensation for administration, leasing, and maintenance personnel.
(2)Includes turnover expense.
Segment Assets and Accumulated Depreciation
Segment assets are summarized as follows as of March 31, 2025, and December 31, 2024, respectively, along with reconciliations to the Condensed Consolidated Financial Statements:
 (in thousands)
As of March 31, 2025MultifamilyAll OtherTotal
Segment assets   
Property owned$2,465,813 $18,298 $2,484,111 
Less accumulated depreciation(647,660)(4,708)(652,368)
Total real estate investments$1,818,153 $13,590 $1,831,743 
Cash and cash equivalents11,916 
Restricted cash6,144 
Other assets43,281 
Total Assets$1,893,084 
 (in thousands)
As of December 31, 2024MultifamilyAll OtherTotal
Segment assets   
Property owned$2,462,762 $17,979 $2,480,741 
Less accumulated depreciation(621,446)(4,534)(625,980)
Total real estate investments$1,841,316 $13,445 $1,854,761 
Cash and cash equivalents12,030 
Restricted cash1,099 
Other assets45,817 
Total Assets$1,913,707